Govt's Suraksha Bandhan gets rolling in social security push

The government today said it has rolled out a drive called 'Suraksha Bandhan' to facilitate enrolment under Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) through innovative schemes like gift cheques and special deposits.
The special initiative has been launched by participating banks and insurers keeping in view the upcoming festival of Raksha Bandhan, the Finance Ministry said in a statement.
This is basically to reach out to eligible bank account holders who are still out of the ambit of these schemes, it added.
Raksha Bandhan, to be celebrated on August 29, is a festival where brothers traditionally give gifts to their sisters and vow to protect them.

This is precisely what Suraksha Bandhan is looking to tap into as it seeks to encourage people to gift 'social security' plans to their loved ones.
The drive aims to take forward the government's objective of creating a universal social security system in the country, designed specially for the poor and under-privileged, the Ministry said.

The drive is supported through a specially-launched instrument, the Jeevan Suraksha Gift Cheque, which is available for Rs 351 at bank branches. This can be bought by persons wishing to gift them to facilitate one-year payment of premium by the recipient for PMJJBY and PMSBY.

The recipient of the gift cheque would deposit the instrument in his or her bank account for a realisable value of Rs 342 to cover one-year subscription under the social security plans.
The balance of Rs 9 from the purchase price of Rs 351 will be retained by the issuing bank as the service charge.
In addition, banks will provide a deposit scheme facility to all account holders under the Suraksha Deposit Scheme and the Jeevan Suraksha Deposit Scheme so that they can deposit Rs 201 or Rs 5,001, respectively, in their accounts either on their own by cash or regular cheques received as Raksha Bandhan gifts, the statement said.

The last date for enrolment under PMSBY and PMJJBY schemes has been extended till September 30, 2015, it added.